Sensex, Nifty look to extend gains; here’s what may guide stock market movement today

Among other firms announcing their April-June quarter numbers today are Britannia Industries, Granules, Hathway Cables, and ICICI Lombard General Insurance.

Domestic benchmark indices stare at a positive start on Friday with SGX Nifty inching higher by over 60 points in early hours of trade. S&P BSE Sensex ended Thursday’s trading session gaining 419 points while the Nifty 50 managed to end at 10,739 points. “Indian equity markets ended in the green, as tech stocks extended gains after Infosys earnings surprised the Street. It was later supported by some recovery in banking stocks in the last hour of the trade. However, gains were capped as weak global markets impacted sentiment,” said Siddhartha Khemka, Head- Retail Research, Motilal Oswal.

US Stock markets: Stock markets in North America ended in the red on Friday as coronavirus cases continued to rise and aiding that was the deteriorating U.S.-China relations. Dow Jones ended down 0.5% while S&P 500 slipped 0.34%, and NASDAQ was down 0.73%. “Global Stocks fell on Thursday as investors parsed mixed economic data from China and waited for guidance from the European Central Bank over its bond buying program. The euro is slightly softer ahead of this afternoon’s ECB rate decision, which is expected to see no change in policy,” said Deepak Jasani, Head Retail Research, HDFC Securities.

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Asian peers: equity markets in Asia were trading with gains on Friday morning with Shanghai Composite gaining over 1% with Hang Seng following closely behind. Over in Japan, TOPIX and Nikkei 225 were trading flat, while stock markets in South Korea and Singapore were trading with gains..

Aviation sector: Carriers from India will soon start operating flights to some countries in Europe and the United States of America. This comes as a breather for domestic listed carriers IndiGo and SpiceJet after months of inactivity for them in the international airspace. 

Results today: HCL Technologies will be announcing its results today and it remains to be seen how the tech industry fares after a strong performance by Infosys. Among other firms announcing their April-June quarter numbers today are Britannia Industries, Granules, Hathway Cables, and ICICI Lombard General Insurance.

Technical view by Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The multi month uptrend line (connected from March low) is intact around 10600-10650 and Nifty has been showing a broader range movement above this trend line support in the last three sessions. If Nifty fails to show sustainable move above 10800 levels in the next couple of sessions, then one may expect it to slide below the trend line support of 10600 levels.  The short term trend of Nifty is positive with range bound action. On the way up 10830-10900 is going to be a key overhead resistance for the market in the next few sessions. Important supports to be watched at 10600-10550 levels.

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